Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Q2 2025 Earnings Presentation
12 slides from Royal Gold's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results August 7, 2025
Slide 2: Cautionary Statements
Cautionary Statements Forward-Looking Statements: This presentation and the accompanying webcast include “forward-looking statements” within the meaning of U.S. federal securities laws. Forward- looking statements are any statements other than statements of historical fact. Forward-looking statement
Slide 3: Important Disclosures
Important Disclosures No Offer or Solicitation: Communications in this presentation and the accompanying webcast do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed transactio
Slide 4: Today’s Speakers
Today’s Speakers Bill Heissenbuttel Paul Libner Martin Raffield President and CEO SVP and CFO SVP, Operations ROYAL GOLD, INC. | SECOND QUARTER 2025 RESULTS | AUGUST 7, 2025 4
Slide 5: Q2 2025 Overview
Q2 2025 Overview • Highlights • Record revenue of $209.6M • Record cash flow from operations of $152.8M • Record net income of $132.3M, or $2.01/share • After adjustments, net income of $118.8M, or $1.81/share1 • $29.6M dividends paid • $0 debt outstanding • Available liquidity of approximately $1.2
Slide 6: Q2 2025 Revenue
Q2 2025 Revenue GEOs2 of 63,900 Royalty Segment Stream Segment $76.5M $133.2M +49% YoY 36% +8% YoY Higher contribution $209.6M Higher contribution from Manh Choh, Total Revenue from Mount Milligan, Peñasquito, Bellevue 64% Pueblo Viejo and and Wharf Khoemacau Lower contribution from Xavantina, Wassa
Slide 7: Operator Updates
Operator Updates3 Mount Milligan • 2025 guidance • Gold guidance reduced to 145 – 165k oz (from 165 – 185k oz) • Copper guidance unchanged at 50 – 60M lb • PFS on 2036+ mine life extension on target for Q3 completion Andacollo • Production returned to full rates after SAG mill shutdown in June • Gol
Slide 8: Q2 2025 Revenue
Q2 2025 Revenue TOTAL REVENUE AVERAGE METAL PRICES* Q2 2025 REVENUE BY METAL +20% +40% +17% -2% $3,280 $209.6M $33.68 $4.42 $4.32 7% COPPER 78% $174.1M $28.84 GOLD $2,338 11% SILVER Q2 '24 Q2 '25 Q2 '24 Q2 '25 Q2 '24 Q2 '25 Q2 '24 Q2 '25 Gold Silver Copper Other Gold Silver Copper * LBMA PM fixing p
Slide 9: Q2 2025 Financial Results
Q2 2025 Financial Results • $209.6M revenue • $10.3M G&A • $31.2M DD&A, or $487/GEO2 • $10.5M tax expense • Includes $13.6M of total discrete tax benefits • 17.9% effective tax rate excluding discrete tax benefits • $132.3M net income, or $2.01/share • $118.8M net income, or $1.81/share, adjusted1 t
Slide 10: June 30, 2025 Liquidity
June 30, 2025 Liquidity • $0 debt and approximately $1.25B of liquidity available at June 30, 2025: June 30, 2025 Amount (US$ M) Undrawn revolving credit facility 1,000 Working capital 266 Total available liquidity $1,266 • Outlook: • Financial commitments: • $100M for Warintza stream and royalty ($
Slide 11: Endnotes
Endnotes 1. Adjusted net income and adjusted net income per share are non-GAAP financial measures. See Schedule A to the accompanying press release dated August 6, 2025, for more information. 2. Gold Equivalent Ounces (“GEOs”) are calculated as reported revenue (in total or by reportable segment) fo
Slide 12: Investor Relations Contact
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com